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First Uranium announces receipt of US$25 million from AngloGold Escrow.

TORONTO AND JOHANNESBURG, Jan. 21, 2013 /CNW/ - First Uranium
Corporation (NEX:FIU.H) (JSE:FUU) (ISIN:CA33744R5047) ("First Uranium"
or "the Corporation") today announced that it received US$25 million,
being the balance of the US$335 million purchase price for the shares
of Mine Waste Solutions (Proprietary) Limited, which amount had been
held in escrow pursuant to the sale agreement (the "AGA Agreement")
dated March 2, 2012 with AngloGold Ashanti Limited ("AGA").

The US$5 million balance of the US$70 million sale proceeds from the
sale of First Uranium Limited, which owns all of the shares of Ezulwini
Mining Company (Proprietary) Limited, to Gold One International Limited
("Gold One") continues to be held in escrow pending the end of the Gold
One escrow period on February 1, 2013, after which this amount, less
any claims made and payable in accordance with the Gold One Agreement,
if any, will be paid to First Uranium.

As previously reported, as both transactions were completed and
implemented on or before October 5, 2012, in accordance with the trust
indenture for the 4.25% unsecured convertible debentures (the
"Debentures"), the final 3% of the principal amount of the outstanding
Debentures being CAD$4.5 million, which was payable only to the extent
of the Corporation receiving funds from the escrows, to a maximum of
CAD$4.5 million, is now payable to the holders of the Debentures. Upon
receipt of the US$25 million referred to above, and in accordance with
the trust indenture for the Debentures, on January 28, 2013, the
Corporation will pay to the indenture trustee for the Debentures
CAD$4.5 million (being 3% of the principal amount owing as of April 30,
2012) for further payment to the holders of the Debentures.

Once the amount of the escrow funds to be released in accordance with
the Gold One Agreement is determined, and subject to the establishment
of a reserve for any continuing and contingent obligations of the
Corporation, the Board of the Corporation will determine an additional
amount to be distributed to the holders of the Units from this amount
and the balance of the AGA escrow amount less the CAD$4.5 million.

The Corporation will also consider the most efficient and orderly way in
which to distribute to the shareholders all remaining property of the
Corporation (after payment of the Corporation's creditors). The
Corporation may then proceed to be wound up and dissolved. However, the
Board has not made any decisions with respect to the windup and
dissolution at this time.

Cautionary Language Regarding Forward-Looking Information
This news release contains and refers to forward-looking information
based on current expectations. All other statements other than
statements of historical fact included in this release are
forward-looking statements (or forward-looking information). The
Corporation's plans involve various estimates and assumptions and its
business is subject to various risks and uncertainties. For more
details on these estimates, assumptions, risks and uncertainties, see
the Corporation's most recent Annual Information Form and most recent
Management Discussion and Analysis on file with the Canadian provincial
securities regulatory authorities on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and
there can be no assurance that such statements will prove to be
accurate, such statements are subject to significant risks and
uncertainties, and actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements
that are included herein, except in accordance with applicable
securities laws.